Beautiful Family Home for Sale in Kerrisdale, Vancouver

We are excited to bring this family home to market this week! 

This is the family home you've been waiting for. This home is located at 2705 W 48 Ave in fantastic Kerrisdale, Vancouver just steps away from the  Arbutus Greenway, schools, and shopping. 

Nicely renovated and move-in ready, this five-bedroom home offers so much for the growing family. House features spacious rooms, high ceilings on the main level, and a private sundeck & yard area.

Property features studio space, sundeck, large attic, and more 

Bonus is the converted Garage into a Studio ideal for the kids to hang out. Upstairs there are 3 good sized bedrooms plus an additional Flex room which can be an office, sitting room, or whatever you want. Drop-down stairs lead to a 521 sq ft attic that is fantastic for storage.

The basement level of the home has an Unauthorized 2 bedroom self-contained suite, which is a great mortgage helper or a perfect in-laws suite for grandparents. Don't miss this home, it will go fast. All views are by appt only starting Wed March 10th - contact your realtor today to set up a time to view it! 

MLS #R2547002

View the listing on our website: http://ow.ly/xQhC30rzS0s

Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020, and a 56 per cent increase from the 2,389 homes sold in January 2021.

Last month’s sales were 42.8 per cent above the 10-year February sales average.

“Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing,” Colette Gerber, REBGV Chair said. “Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.

“This is particularly true in the townhome market where demand is outstripping the available supply. Conditions differ depending on location and property type so it’s important to work with your local REALTOR® to develop strategies to meet your needs.”

There were 5,048 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2021. This represents a 26.1 per cent increase compared to the 4,002 homes listed in February 2020 and a 12.7 per cent increase compared to January 2021 when 4,480 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,358, a 9.1 per cent decrease compared to February 2020 (9,195) and a 0.6 per cent increase compared to January 2021 (8,306). This is 21.2 per cent below the February 10-year average for new listings.

For all property types, the sales-to-active listings ratio for February 2021 is 44.6 per cent. By property type, the ratio is 41.8 per cent for detached homes, 61.8 per cent for townhomes, and 41.7 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Low interest rates remain a key driver in today’s market. We’re seeing steady numbers of first-time home buyers and move-up buyers entering the market,” Gerber said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 6.8 per cent increase over February 2020 and a 2.6 per cent increase compared to January 2021.

Less populated communities within the region continue to experience the largest year-over-year price increases across all property types. Examples, according to the MLS HPI®. include Bowen Island (34.4 per cent increase), the Sunshine Coast (32.7 per cent increase), West Vancouver (16.1 per cent increase) Maple Ridge (14.8 per cent increase) and Ladner (13.7 per cent increase).

Sales of detached homes in Metro Vancouver reached 1,231 in February 2021, a 79.7 per cent increase from the 685 detached sales recorded in February 2020. The benchmark price for a detached home is $1,621,200. This represents a 13.7 per cent increase from February 2020 and a 2.8 per cent increase compared to January 2021.

Sales of apartment homes reached 1,759 in February 2021, a 65.8 per cent increase compared to the 1,061 sales in February 2020. The benchmark price of an apartment is $697,500. This represents a 2.5 per cent increase from February 2020 and a 2.5 per cent increase compared to January 2021.

Attached home sales in February 2021 totalled 737, an 82.4 per cent increase compared to the 404 sales in February 2020. The benchmark price of an attached home is $839,800. This represents a 7.2 per cent increase from February 2020 and a 2.9 per cent increase compared to January 2021.

Note:
Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

The real estate industry is a key economic driver in British Columbia. In 2020, 30,944 homes changed ownership in the Board’s area, generating $2.1 billion in economic spin-off activity and an estimated 14,728 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $33.7 billion in 2020.

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Let's Talk Real Estate - Vancouver Real Estate Information for you! 

Welcome to another Let's Talk Real Estate Vlog.

Last week, I talked about what a sellers' market was, and this week, I'm discussing the meaning of a buyer's market.

A selller’s market is when we have less than 4 months’ supply of real estate available. This means there are more people looking for a home, than there are properties available. Multiple bids are often placed on a property, which drives overall property values up.

What is a buyer's market?

A buyer's market is the exact opposite of a selller's market, meaning there are far more properties for sale than there are interested buyers. A buyer's market occurs when there's about 9 months worth of properties on the market. This means buyers have an opportunity to shop around and look at many properties without competition. Houses may be on the market for many months without an offer, so sellers are eager to secure a sale. This means the buyer has room to negotiate with the seller, for a better deal on the property. Typically, Vancouver is a seller's market.

Have any further questions about buyer’s and seller’s markets, or about real estate? Give us a call. We're always happy to take your call. We’re here for all your real estate questions and buying or selling needs.

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What is a Seller's Market?

A Seller's Market is what happens when there is a slump in available properties. We define this as having less than 4 months 'supply' of properties for sale on the market. This is what is currently happening in Vancouver - in some submarkets, the supply is as low as 3 or 2 months.

For example, last week we listed a 1950s Dutch Colonial home. Within 5 days, the property received 19 bids, which drove the price up to 2.5M - more than $500,000 over the asking price. This is definitely a sign of a seller's market - you've got all these buyers chasing a property because there's very few available. We're seeing many bids on well-priced properties, driving prices higher. In the last 12 months, we've seen many properties sell for 10-15% above their asking price.

So that's what a sellers' market is. If you have any questions, reach out to us at any time. Please subscribe, we'd love to have you aboard. Stay tuned for our next video, where we'll discuss what a buyers' market is.